The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-10-15
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STOCKS AS Low AS THEYE HAVE
BEEN IN TWO YEARS.

Corn, Oats, Cotton and Pork also
Cheaper-Coal Stronger only on Ac.
count of the Strike-Money Evil
IDENTIFY Does Not Always Insure
Prosperity-Failures of the Week.
New YoRK, Oct. 14.-R. G. Dun g. Co.s
review of trade for the week says:
In spite of the many favorable conditions
noted last week, prices do not advance. Tie
Treasury added $33 ZOO, 900 to the circula-
ton in September, and has added about
$4,000, 600 since, and the Baltimore and Ohio
bargain has been ratified and Readings
reorganization insured, yet the prices
of stocks fell on Wednesday to an average
of $5S.77 per share, the lowest since April
and May, 1856, and excepting a few weeks
then the lowest fortwo years Wheat has
lost every advance since Sept. 26. Corn,
for fortnight past, and oats. for month
past, have occasionally risen, only to re-
cede again. Cotton has declined &c. during
the month, and pork is off 81 per barrel.
Oil is higher, but the transactions are inslg-
nifcant. Coal is stronger because of the
strike, but iron and steel are lower
EXCHANGES FALLING OFF.
Elaborate statements of exchanges for
the past year and a quarter only conceal the
fact that of late the exchanges have been
falling behind those of last year, first at
New York and then at other chief cities and
New England manufacturing towns. In
short the theory that more money msureS
prosperity comes to grief again. More
than $107, ,000, 900 have been added to the
circulation within the past fourteen months,
but speculation thus stimulated has wrought
much harm already and clouded the future
with doubt
While great activity and,expansion are
witnessed in some branches of business,
others exhibit symptoms of reaction. Steel
rails are again lower Sales were made last
week at S.}4 for spring delivery, and some
makers are urging general stoppage OF the
works Pig iron No. ] foundry continues
scarce because of the Lehigh coal strike,
but lower quotations came for gray forge,
and also for bar iron.
The encouraging statements of exports In
September show that of breadstuffs, cotton,
provisions, oil and cattle the value was
per. cent greater than in 1886.
DECREASE IN WHEAT.
A large decrease appears in wheat bus
there is a noteworthy increase in -four and
cotton The pork exports decrease one
half and there is some loss in butter, cheese
and oil, but gain of So,64OOo in the ex-
ports of cotton This month the exports
from New York show a gain of 21S per
cent, against an increase of 10 per cent. in
the imports Interior reports are Uniform
ly more favorable, though tight money and
low collections are still reported
from some points. The pressure in most
cases is less severe and collections are rather
better In Texas, where the cotton yield is
said to be 10 per cent. below last years,
failures are more numerous, and many
traders are asking indulgence. But east of
the Mississippi money is generally easier at
the South, aud the partial failure of crops
is as yet hardly recognized as a cause of dis
turbance in the Northwest. If the actual
losses of the farmers are as large as the Oc-
tober bureau reports would indicate, how
ever, some shrinkage in the volume of busl-
ness must result.
The business failures occurring throughout
the country in the last week number for the
United States 1872 and for Canada 20, a total
of POP, against 2l2 last week.